Bessent Prepares New Iran Squeeze as China Buys Over 90% of Tehran's Oil

3 articles · Updated · Fortune · Aug 15

Scott Bessent said the US is preparing “unprecedented” economic pressure on Iran, though the administration has not detailed which new measures it will actually deploy.
More than 90% of Iran’s oil exports go to China, making Chinese buyers, refiners and banks the biggest remaining pressure point — and the biggest risk to US-China ties and higher global oil prices.
Treasury could also tighten sanctions on exchange houses that help Iran convert oil proceeds, but analysts say Tehran has built alternative channels that can shift transactions to new intermediaries or digital assets.
Secondary sanctions on Iran’s wider trading partners, asset confiscations and broader action against the shadow fleet remain options, but each carries legal, diplomatic or economic blowback for Washington and its allies.
Critics question how much further US pressure can go because Iran already faces thousands of sanctions and a naval blockade, limiting the odds of materially changing Tehran’s calculus.